Lookonchain APP

App Store

South Korean prosecutors have arrested a suspect for the first time under the Virtual Asset User Protection Act for DEX fraud related to the Solana Meme coin CATFI case.

2026.05.27 15:59:57

South Korean prosecutors filed charges in the first decentralized exchange (DEX) rug pull scam case tied to a Solana ecosystem meme coin under the country’s Virtual Assets User Protection Act, local authorities announced May 27. The probe centers on the CATFI token scheme: two key suspects were arrested and prosecuted for market manipulation, one additional individual faces non-detained charges, and two others are accused of aiding the main suspects in evading authorities. The group launched CATFI on the Pump.fun platform in early 2025 before pulling liquidity (the core of a rug pull scam) after listing the token on a DEX. The lead suspect, operating under the internet persona “Eth Father,” promoted CATFI via false positive news, purchased fake social media followers, and used multiple wallets to hoard token supply and run wash trading to obscure their control over the asset. CATFI’s price spiked 1,001 times within 26 hours of its launch, drawing roughly 6,000 investors. Ultimately, 256 victims lost about 900 million South Korean won (around $586,000), while the group generated roughly 4 billion won in illegal proceeds from an initial 10 million won in illicit startup funds. This case represents a key expansion of South Korea’s virtual asset crime crackdown, extending oversight beyond centralized exchanges to DEX platforms. Prosecutors vowed to “vigorously target activities that disrupt digital asset markets and erode public trust.” The ruling could set a critical precedent for handling meme coin fraud, crypto-related social media promotions, and DEX trading violations under the Virtual Assets Act. Earlier in January 2025, South Korea prosecuted its first centralized exchange price manipulation case under the same law; regulators have since tightened rules, including requiring financial influencers to disclose their crypto holdings and paid promotional content.
Relevant content

The top-ranked address on FLYBRAIN's profit leaderboard has amassed total profits of $458,000, with a return rate exceeding 6100%.

According to GMGN data, the on-chain meme coin FLYBRAIN on the Robinhood chain currently has a market capitalization of approximately $34.07 million. The address topping the profit leaderboard, 0xf8…7004, has a total profit of around $458,000, with a return rate of roughly 6145.86%. The address previously spent about $4,770 to buy 16 million FLYBRAIN, at an average entry market cap of approximately $297,000. It has now sold around 6.05 million tokens, earning $124,200 and realizing a profit of $119,700. It still holds roughly 9.95 million FLYBRAIN, worth $340,700, accounting for about 1% of the token’s total supply.

3 minutes ago

Sam Altman’s internal statement: OpenAI is considering joining industry peers to slow down AI development.

Beating AI Insight News Flash: OpenAI CEO Sam Altman said during this week’s all-hands meeting that the company could consider slowing down cutting-edge AI development, ideally with several leading AI firms coordinating a slowdown. However, he admitted not all companies would agree. OpenAI Chief Scientist Jakub Pachocki publicly noted this week that no lab has yet resolved sufficiently reliable alignment and monitoring challenges, making it unfeasible to keep scaling models at maximum speed long-term. He called for companies to voluntarily slow down before a unified safety threshold is established. OpenAI has in fact already slowed some model development recently and paused internal training activities over safety concerns.

3 minutes ago

A crypto whale has taken a long position in crude oil worth $4.34 million, with an unrealized profit of approximately $421,000 so far.

According to Lookonchain’s monitoring, whale address 0x8ADd opened a 4x-leveraged long position of 43,500 CLUSD1, with the position valued at roughly $4.34 million and current unrealized profit of approximately $421,000.

3 minutes ago

Long.xyz launches a new version of its token launch tool, enhancing automation and anti-spam token issuance protection.

Robinhood-linked crypto, stock, and meme coin launch platform Long.xyz announced that its protocol has deployed a new version of the token launch factory with zero downtime, aiming to tighten restrictions on automated launches, junk tokens, and inflated issuance volumes. The new factory adds automated launch protections across the LONG app and third-party terminals including Fomo, Defined, and GMGN, while granting the protocol greater flexibility to curb spam launches and inflated data during peak periods. Additionally, LONG will permanently lock token codes for select assets, with evaluation criteria covering asset tenure, price performance sustainability, and code uniqueness; the relevant status is visible on individual token pages. The platform noted that assets issued via both the old and new factories retain identical issuance parameters, fee structures, and liquidity parameters, with this update focused primarily on token code management and issuance volume controls.

3 minutes ago

Sources say Qualcomm and Samsung Electronics' wafer foundry negotiations have hit an impasse over price disagreements.

According to reports, negotiations for a new semiconductor contract manufacturing deal between Qualcomm (QCOM) and Samsung Electronics’ foundry business have hit an impasse over price differences. Qualcomm is pushing for a price cut, while Samsung Electronics has refused to accept the request. Industry insiders disclosed that the AP project, which was planned to be manufactured using Samsung Foundry’s 2nm process, may be delayed until next year. As price talks continue, whether mass production can be realized this year has become uncertain.

3 minutes ago

Doubao Input Method finally launches on Windows, completing its coverage across five major platforms, with AI voice input as its core feature.

Beating AI News Flash: Doubao Input Method Launches Windows Version. Now covering five platforms including iOS, Android, HarmonyOS, and macOS, the tool’s core highlight is voice input. It supports dialects, mixed Chinese-English speech, and technical terms, and can accurately recognize speech even in noisy environments or when speaking softly. It also enables input in low-network or offline scenarios. Integrated with a large language model, it offers auto-completion, error correction, and word prediction during typing. Additionally, it can directly convert long spoken phrases into more coherent text. Personal word libraries can be synced across devices after logging into the same account.

3 minutes ago

Popular tokens

BitcoinEthereumHyperliquidSolanaTRONBNBTetherAaveXRPPepeFartcoinOndoJupiterUniswapBonkPendleEthenaArbitrumAvalancheLidoChainlinkPolygonDogecoinCardano